Seamless Steel Pipe Supplier from China
A quick overview of steel industry news last week (April 21-27, 2024)
The British government took over British Steel to ensure the operation of the Scunthorpe plant. On April 12, the British government passed the Steel Industry (Special Measures) Act, urgently taking over British Steel, a subsidiary of China’s Jingye Group, to prevent the shutdown of two blast furnaces at its Scunthorpe plant. The government then purchased 55,000 tons of coking coal and 66,000 tons of iron ore to keep the plant running for several months and avoid the loss of about 2,700 jobs. The business secretary said nationalization was a “possible option.” 🇮🇳 India promotes the development of green steel and plans to introduce incentives. Sandeep Poundrik, secretary of the Indian Ministry of Steel, said the government is formulating incentive policies to encourage steel companies to use renewable energy to produce “green steel” to achieve the 2070 net zero emission target. The policy may also require public infrastructure projects to use a certain proportion of green steel.
France calls for stronger protection against Chinese steel imports
The French government called on the European Union to strengthen protection against Chinese steel imports after ArcelorMittal announced 600 layoffs in France. A government spokesman stressed the need to increase import quotas for Chinese steel to protect the country’s steel industry from the impact of cheap imports.
US steel companies benefit from new tariffs, profits grow
Mark Millett, CEO of Steel Dynamics, said the Trump administration’s expansion of import tariffs on steel and aluminum is “extremely beneficial” to the company. As tariffs curb cheap imported steel, US hot-rolled steel spot prices have risen about 38% since the beginning of the year. The company’s first-quarter steel business profit increased 39% month-on-month.
Australia’s Whyalla Steel Plant launches $1.6 billion green transformation plan
Australia’s Greensteel announced that it has signed a $1.6 billion agreement with Italian engineering company Danieli to build two electric arc furnaces and a structural steel rolling mill in Whyalla, South Australia, to create an “ultra-low carbon steel plant”. The project is expected to be delivered in late 2026 or early 2027, creating 2,500 construction jobs and 1,500 long-term jobs.
